Friday, March 18, 2011

Book retailer Borders to close an additional 28 stores

The bad news just keeps piling up for bankrupt book retailer Borders. Late yesterday the chain announced that it will close another 28 of its retail outlets -- this would be in addition to the 200 previously announced closings.

"We reached the determination about these stores after a further review of their ongoing economic viability," Borders spokeswoman Mary Davis said in its announcement.
The 28 stores are located in California (Bakersfield, Goleta, Hollywood, Milpitas, Pleasant Hill, San Diego and San Rafael), Connecticut (Fairfield and Stamford), Georgia (Atlanta), Hawaii (Kahului, Maui and Waipahu), Illinois (Wilmette), Iowa (West Des Moines), Indiana (Fort Wayne and Indianapolis), Kansas (Overland Park), Kentucky (Louisville), Massachusetts (Braintree and Shrewsbury), Oklahoma (Tulsa), Pennsylvania (N. Wales and Philadelphia), Rhode Island (Cranston), Tennessee (Nashville), Texas (Stafford) and Washington (Federal Way and Tacoma).

This will cut the number of Borders stores approximately in half.

“We are moving quickly right at the outset of the Chapter 11 process to restore stability to our business and protect our enterprise and its brand," Mike Edwards, President, Borders Group, said. "We now have financing to pay our vendors and other related parties in a timely fashion for post-petition goods and services, with the funding and related court approvals to operate our business effectively on a day-to-day basis. We look forward to continuing to meet the needs of our customer base and being a preeminent and innovative retailer in this space.”